Samsung Begins Assembling Premium Smartphones In India: Report

Anusuya Lahiri
2 min read
2
In this article:

  • Samsung Electronics Co Ltd (OTC: SSNLF) reportedly began making its fold and flip smartphones and its latest Galaxy S23 flagship in India.

  • The South Korean giant's Indian unit previously imported some of its premium flip and folded devices into the second-biggest smartphone market.

  • Samsung is now assembling its entire phone portfolio locally, Bloomberg reports citing Samsung India's mobile business head, Raju Pullan.

  • Samsung did not divulge whether the locally assembled flagship devices will be priced lower than the imported ones.

  • Samsung has faced stiff competition from Chinese rivals in an Indian market characterized by budget-friendly smartphones.

  • China's Xiaomi Corp (OTC: XIACF) (OTC: XIACY) topped as India's biggest smartphone vendor in 2022 with a market share of 20%, while Samsung was a close second at 19%, the report cited research firm Canalys.

  • Samsung narrowed competition with its more affordable devices, tying up with banks for credit card offers and rolling out a consumer credit program that helped it sell devices worth $1 billion in 2022, Pullan said.

  • Samsung has struggled to collect some of the Indian government's financial incentives, even as manufacturers including Apple Inc (NASDAQ: AAPL) supplier Hon Hai Precision Industry Co Ltd (OTC: HNHPF) Foxconn Technology Group scored.

  • Samsung bagged double the number of orders for its latest iPhone-rival Galaxy S23 in India in 24 hours versus the previous generation of Galaxy devices on the first day.

  • The report further added that Samsung is increasing the number of stores selling Galaxy devices and investing more in sales and marketing.

  • Samsung has set up an India-focused mobile research center and is building out production bases in the country, TM Roh, president of Samsung's smartphone business, said in a January interview.

  • "India is a crucial market that we'd like to take back," Roh said.

  • Price Action: AAPL shares traded lower by 1.44% at $152.27 on the last check Monday.

  • Photo Via Company

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This article Samsung Begins Assembling Premium Smartphones In India: Report originally appeared on Benzinga.com

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